Dover : Q1 Fiscal Year 2026 Earnings Presentation

Published: 2026-04-23 07:06:17 ET DOV

Published on 04/23/2026 at 07:06 am EDT

April 23, 2026 - 8:30am CT

Earnings Conference Call First Quarter 2026

Q1 2026 Performance Highlights

Revenue

+10% to $2.1B

+5%

Double digit revenue growth driven by secular-growth-exposed businesses and improving conditions across the portfolio

Bookings(2)

Adjusted Segment

Total Growth:

+11% to $495M

EBITDA(1)

% of Revenue:

+10 bps to 24.1%

Free Cash Flow(1)

Total Growth:

+20% to $131M

Earnings Per Share

Adjusted EPS(1)(3):

+11% to $2.28

Robust bookings(2) trends reflect broad-based demand strength and extended lead times in growth markets

Book-to-bill(2) >1x across all five segments, supporting visibility and confidence in the outlook

FY '26 Guidance

Double-digit '26 Adjusted EPS(1)(3) growth at the midpoint, in-line with long-term trajectory

(1) Non-GAAP measures (definitions and/or reconciliations in appendix)

(2) See performance measures definitions in appendix

(3) From continuing operations

Summary Corporate Q1 Results

Q1 2026

Highlights

Revenue Change

(Y-o-Y)

All-in

Organic(1)

+10%

+5%

FX impact: +3%. Acquisitions: +2%

Bookings(2) Change

+24%

▪

Book-to-bill(2): 1.20 (vs. 1.07 in Q1 '25)

(Y-o-Y) All-in

Adjusted Segment Margin %

24%

EBITDA Margin(1) Y-o-Y bps Δ

+10 bps

Earnings From Reported

$239M

Continuing Ops Adjusted(1)

$309M

Reported

$1.76

Adjusted(1)

$2.28

Significant growth in longer dated orders

Adj. Segment EBITDA(1) up $47M Y-o-Y

Y-o-Y change: +11%

Reported Y-o-Y change: flat

Adjusted(1) Y-o-Y change: +9%

Reported Q1 Y-o-Y change: +2%

Adjusted(1) Q1 Y-o-Y change: +11%

Diluted EPS

Free Cash Flow(1) (% of)

Revenue

Adj. Earnings(1)

42%

FCF(1) up $22M Y-o-Y

Non-GAAP measures (definitions and/or reconciliations in appendix)

(2) See performance measures definitions in appendix

Segment Results

Q1 2026

Segment Revenue ($M) /

Y-o-Y Org.(1) ∆ %

Adj. Segment

EBITDA(1) % / Bps

∆ Y-o-Y

Performance Commentary

DEP $267

19%

Strong demand and order trends in aerospace and defense components and industrial winches;

+2%

-30 bps

stabilization in vehicle aftermarket

DCEF $555

19%

Solid shipments and new orders in clean energy components, fluid transport, and retail fueling

+11%

+20 bps

Margin up on volume leverage and operational execution

DII $285

29%

Stable performance in core marking & coding and serialization software

-3%

-60 bps

Solid margin performance; lower conversion from foreign exchange translation

DPPS $538

-1%

34%

+90 bps

Growth in AI / energy infrastructure, single-use biopharma, and industrial pumps; lower volumes in polymer processing on order timing, as expected

Sustained 30+% margin performance on positive mix and execution

Robust shipments and order rates in refrigerated door cases, CO2 refrigeration systems, and

DCST $411

18%

global heat exchangers

+15%

+40 bps

Margin up on volume leverage, operational execution, and positive mix benefits from CO2 systems

and heat exchangers

Non-GAAP (definitions and/or reconciliations in appendix)

Q1 2026 Free Cash Flow

Q1 2026

Q1 2025

∆

Net earnings

238

231

Loss from discontinued operations, net

(8)

D&A

Change in working capital

(76)

(73)

(3)

Change in other(1)

(69)

(96)

Cash flow from operations

191

157

Capex

(60)

(48)

(12)

Free cash flow(2)

131

109

FCF % of Revenue(2)

FCF % of adj. earnings(2)

42%

39%

Note: Numbers may not add due to rounding

Includes stock-based compensation, non-cash charges, and changes in other current and non-current assets and liabilities

6 (2) Non-GAAP measures (definitions and/or reconciliations in appendix)

Bookings Momentum Continuing in 2026

$ in millions

Strong bookings momentum accelerated in Q1 2026

Y-o-Y

Q1 bookings(1) +24% vs. Q1 '25; book-to-bill(1) 1.20

B-t-B(1)

Growth

Bookings Commentary

7,253

LTM Book-to-Bill

+12%

+6%

7,659

8,612

DII

1.04

1.11

Double digit growth in aerospace &

DEP

1.10

+11% defense components; improvement in vehicle aftermarket

+13% Double digit growth in retail fueling and clean energy components

0.95

0.99

DCEF

1.00 B-t-B

1.10

+8% Stable book-and-ship business

Solid growth across connectors,

1.57

DPPS

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

1.11

+20%

pumps, precision components, and polymer processing equipment

Robust strength in heat exchangers

2024

2025

2026

+64%

and CO2 refrigeration systems driving extended lead times

(1) See performance measure definitions in appendix

DCST

Note: Numbers may not add due to rounding

Over 20% of Annualized Revenue Tied to Secular Growth End Markets

Power / AI Infrastructure

Single-Use Biopharma

CO2 Systems

Gas Infrastructure Electrical Infrastructure Liquid Cooling

Tailwinds across broader gas ▪ Leading provider of solutions ▪ Strong demand for liquid complex and US energy for measurement, inspection, cooling applications in high infrastructure investment and control technologies for performance computing and

polymer-coated wires and data centers

Double digit growth in space cables

launch infrastructure ▪ Key partnerships with high-

Directly exposed to growing profile OEMs and contract

Growing demand for LNG demands for energy / electric manufacturers exports infrastructure investment

Significant demand for gas turbine components with corresponding midstream pipeline buildout forthcoming

Solid outlook in new biopharma therapies (e.g., cell and gene therapy) driving long-term growth trajectory in biological drug production

Secular shift toward single-use manufacturing given lower risk of contamination, lower operational costs, and higher changeover efficiency

Leading market position in European natural refrigerant systems for grocers

First mover advantage in US

with fully platformed products

Significant investments in capacity and automation drive best-in-class quality, lead times, and value-in-use

US market remains <10% penetrated; compelling runway for multi-year growth

Continuing to Invest Behind Growth and Productivity to Support Long-Term Outlook

Segment

Description

Total Capex

Growth and Capacity

DCEF Greenfield facility expansion for below ground retail fueling

DII Global investments in marking & coding printer and inks

production

Capacity and process investments for low-GWP CO2 systems

~$100M

OPW site rendering in Smithfield, NC SWEP facility in Tulsa, OK

DCST

Global capacity expansion in heat exchangers, a key input in liquid cooling of data centers and other HVAC applications

Productivity

CO2 systems plant in Conyers, GA M-I site rendering in Poland

Incremental Restructuring Carryover Benefit by Year

DEP Global site optimization and cost structure rationalization in vehicle services

DCEF Acquisition synergy extraction through footprint and cost optimization in clean energy businesses

Closure of Sylmar, CA glass door manufacturing plant and

~$40M

$40+

$20+

2026E

2027E

Total

$60+

DCST

consolidation into existing food retail facility in Richmond, VA

Multiple Ongoing restructuring and rightsizing actions

2026 Segment Outlook

Segment

Organic Growth(1)

Segment

Margin ∆

Commentary

DEP

+LSD

Robust growth in aerospace & defense; stable volumes in automotive aftermarket

Margin improvement on mix, positive price-cost dynamics, and operational execution

DCEF

+MSD

Growth in clean energy components, fluid transport, and retail fueling (above and below ground)

Margin improvement on volume leverage and integration benefits from clean energy acquisitions

DII

+LSD

Continued steady performance in core marking & coding equipment and consumables;

growth in serialization software

Multi-year margin improvement runway from productivity and structural cost controls

DPPS

+LSD

Growth in industrial pumps, single-use biopharma components, precision measurement solutions for electrification infrastructure, and critical components for steam and gas turbines, engines, and midstream compression

Continued 30+% margin performance

DCST

+DD

Strong growth in CO2 refrigeration systems and door cases; robust shipments in heat exchangers, particularly in North America

Margin growth on volume leverage, operational execution, and mix

Guiding for Double Digit Adjusted EPS Growth at the Midpoint

Revenue Growth

All-in: 5% - 7%

Organic(1): 3% - 5%

EPS

GAAP EPS: $8.92 - $9.12

Adjusted EPS(1)(5): $10.45 - $10.65

$ in billions

Optional temporary investment grade leverage(3) for the right opportunity

Other Items

Effective Tax Rate: 20% - 21%

FCF(1) % Revenue: 14% - 16%

Capex: $190M - $210M

WASO(2): ~136 million

Guidance assumes dollar / euro exchange rate of 1.16

$2.8B

Maintain 2.5x

1.3

1.5

target leverage(3)

Excess cash(4)

(1) Non-GAAP measures (definitions and/or reconciliations in appendix)

11 (2) Weighted average shares outstanding

Total debt / adjusted EBITDA (Non-GAAP measure)

Excess cash excludes $300M minimum cash balance

From continuing operations

Appendix

Organic Revenue Growth

Bookings

Disclaimer

Dover Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:04 UTC.